What if I want to sell a business to family?
If you intend to sell your business to family in order to keep the company running through the generations, there are a lot of things to consider. In order to make the transition between you and your successor much easier, it is important that you successfully arrange the handover procedure. This process of passing down the business should start as long as 15 years before you even intend to pass down the business, so that you can get everything completely straight before taking any action. Creating a well-written succession plan within your overall business plan is absolutely necessary.
In this plan, you will need to include all of your key goals and a timetable of all the stages of succession, ranging from the identification of a successor, and then the list of full responsibilities of the new owner of your business. It must also include contingency plans so that the business can continue even when problems may occur.
Stonehouse Accountants operate in the Peterborough, Kettering, Corby and Market Harborough area, call us now if you're looking to change accountant or need a new one. 01733 26588.